Axios
Democrats to reveal direct cash payments of $ 3,000 to families with children
Democrats will present a proposal attached to the next stimulus package that would provide direct payments of $ 3,000 per child in certain families. Why it matters: The new legislation, led by Ways and Means President Richard Neal (D-Mass.), Will arrive shortly after Senator Mitt Romney (R-Utah) made a similar proposal, lending bipartisan support to expand cash benefits for families with children. Get smarter and faster with the news that CEOs, entrepreneurs and politicians read. Sign the Axios Bulletins here. The Biden administration has reviewed and supported the proposal, according to the Washington Post that first reported the plan. The legislative proposal, reviewed by Axios, will be released Monday along with other provisions on Ways and Means. The IRS would begin depositing payments into bank accounts on July 1. Payments would come in monthly installments. The family income qualification would be based on the previous year, with lower payments for individuals who earn $ 75,000 for individuals and $ 150,000 for those who file joint actions. Eligible families with children 17 to 6 can receive payments of US $ 3,000 for each child and US $ 3,600 for children under 6 years of age. What they are saying: “The pandemic is driving families increasingly into poverty and it is devastating, Rep. Ritchie Neal (D-Mass.), Chairman of the Forms and Means Committee, said in a statement. “We are making the Child Tax Credit more generous, more accessible and, by paying it monthly, that money will be the difference in a roof over someone’s head or the food on their table,” he said. Be smart: subscribe FREE to America’s most influential newsletter.